What to Know When Buying a Distressed Property

Buying a distressed property may seem like a good way to save some money when looking into buying a home. Although there are many pros of buying a distressed home, it also comes with some cons as well.

Most distressed houses are sold as foreclosures or short sales so that the owner of the property can avoid going into foreclosure. This can benefit you if you are looking to buy a distressed property because the price of the home is below market price. These properties are also ideal for people who are looking to buy the house as an investment and make a profit by repairing the property and selling it later.

The main disadvantage of buying a distressed home is the condition of the house. Most sellers list their house as a short sale so that they can avoid doing any repairs to the home before it sells. You may not be able to get an informational home inspection before buying a distressed home. Make sure you have the proper budget to fix all the repairs along with paying the mortgage on the home.

Contact Avis Lending when it comes time to find the perfect distressed home to move into. We are happy to help you.

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